See where options positioning may shape the move.

An option chain lists available calls and puts by strike price and expiration, with bid and ask prices, volume, open interest, implied volatility, and the Greeks. Together these describe what the market is pricing and where positioning concentrates. Wave Radar summarizes this into walls, the gamma flip, IV rank, and expected move.

Open interest is the total number of outstanding option contracts at a strike. Strikes with heavy open interest represent concentrated positioning, which is why they can act as reference levels for support and resistance. Unlike volume, which resets daily, open interest persists until contracts are closed or expire.

Implied volatility is the market's expectation of future price movement, expressed as an annualized percentage and backed out of option prices. It rises when demand for protection increases or uncertainty grows. Comparing it to historical volatility shows whether options are relatively expensive or cheap.

The expected move is the roughly one-standard-deviation price range implied by the at-the-money straddle for a given expiration. It frames how far the market thinks the underlying could move into an event like earnings. About two-thirds of outcomes fall inside it historically, which still leaves plenty of room for surprise.

The Greeks measure an option's sensitivities: delta tracks how much the price moves per point of underlying movement, gamma tracks how fast delta itself changes, and theta tracks daily time decay. Vega measures sensitivity to implied volatility. They describe exposure, not predictions, and they shift as price, time, and volatility move.

No. Options involve leverage and time decay, and some strategies can lose the full premium paid. They require an understanding of the contract terms and the risks involved. Wave Radar presents options data as research context, not as investment advice.